HALISTER1: INDIA RATINGS: Reliance Comm Cut to Default; Rico Auto Raised

INDIA RATINGS: Reliance Comm Cut to Default; Rico Auto Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Reliance Communications
    • NCDs, long-term fund-based and non-fund based limits cut to D from BB at ICRA
    • Long-term limits of Reliance Infratel and Reliance Telecom also reduced to D from BB at ICRA
    • Cites delays in debt servicing by the Reliance Communications’ group given its weak internal cash flow generation as against sizable debt servicing obligations
    • Care Ratings too has downgraded Reliance Communications’ LT bank facilities to D from BB citing delays in servicing of its debt obligations
  • VGN Developers
    • NCDs cut to D from BB-(SO) at Crisil
    • Cites delays in debt servicing due to weak liquidity
  • Vinar Systems
    • LT bank facilities cut to BBB- from BBB at Crisil
    • Cites subdued profitability parameters
UPGRADES
  • Mahakaushal Sugar
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites growth in revenues
  • Makson Health Care
    • LT bank facilities cut to BBB from BB+ at Crisil
    • Cites healthy revenue growth, improvement of operating profitability
  • Rico Auto
    • Term loans raised to A- from BBB+ at India Ratings
    • Cites improvement in financial profile
  • SCOPE T&M
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites healthy growth in revenue, cash accrual
  • Shreyas Sortex
    • LT bank facilities raised to BB- from B at Crisil
    • Expects company to sustain its improved business risk profile over the medium term due to recent capacity expansion

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RCOM IN (Reliance Communications Ltd)
RAI IN (Rico Auto Industries Ltd)
0910203D IN (VGN Developers Pvt Ltd)
0626303D IN (Vinar Systems Pvt Ltd)

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